What You Need to Know About Financing Used Cars

Buying a car is an exciting experience. The process of obtaining financing, on the other hand, is less joyful. We want you to consider these aspects about financing used cars so that your experience can be a good one.

Obtain Your Credit Report

Before trying to get financing you always want to obtain your credit report. Be sure to check it for errors and report them should you notice any. Your credit report can also help you identify aspects that you are able to improve, such as paying off some debt. Improving your credit score is helpful for getting a better interest rate.

Decide on the Budget

Reviewing your finances helps you figure out how much vehicle you can or want to afford. Take into account any fluctuating, fixed and unexpected expenses, such as fuel, insurance and maintenance. If you don’t care about make and model of the vehicle, you are more flexible in finding a car that fits your budget.

Know Your Financing Options

Contact your house bank for a direct loan. Often times they offer competitive rates for their customers. In addition to that reach out to local banks, credit unions and online lenders. The latter can be a good option if you have a bad credit score and credit unions are known for offering great loan terms. The car you have your eyes on must be able to meet the bank’s basic requirements. Get offers from multiple lenders to find the best rate.

You can also obtain financing through your car dealership. This is a smart choice if you are not keen on one specific vehicle. Most dealerships finance any vehicle on their lot, which opens up your options for getting a great deal. Furthermore, many dealerships offer financing for people with bad credit. It is recommended to put down some money in order to get the best interest rate. This is also important because cars depreciate in value and you don’t want to owe more on it than it’s worth.

Being smart in regard to financing a car can get you a great deal. Be sure to bear in mind these aspects about financing used cars.

COVID – 19 update

Due to the unforeseen and extraordinary events surrounding the global Novel Coronavirus pandemic and for the safety and protection of our Customers, staff and community in general, we have made the difficult decision to suspend showroom operations at Nexgen Cars Canada Temporarily.

Until additional advice from our province’s health team arrives, our sales team will work online/remotely.


We have our sales team ready to answer emails, phone calls and online requests and questions. We can facilitate online purchases and can help you buy from home but no store visits or test drives can be arranged at this time and permitted .

Our virtual showroom is open 24 hours a day, 7 days a week at www.nexgencarscanada.ca.
For all sales and vehicle inquiries, please call at 905-877-5100 or email at


We’ll update further as we receive guidance from our federal, provincial and municipal government and health agencies.

We did not come to this decision lightly and we want to assure all our customers that we are always going to be here when you need us.
We would like to thank all essential workers that are continuing to keep our community running and wish they stay safe and healthy during this trying time.

The entire team here at NexGen Cars Canada can’t wait to get back to doing the work we love.

See you soon!
Nexgen Cars Canada Team